Promissory Note in Kentucky

A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.

What Kentucky law says

Maximum interest rate (usury limit)	Kentucky's legal interest rate is 8% a year. By written agreement, parties may charge more: on a written obligation of $15,000 or less, up to the lesser of 19% or 4 percentage points above the Federal Reserve discount rate on 90-day commercial paper; on a written obligation over $15,000, any agreed rate. A written contract with no stated rate earns the legal rate after default until judgment (KRS 360.010). Source: KRS 360.010
Time limit to sue on a written contract	10 years to sue on a written contract signed after July 15, 2014. 15 years for written contracts signed on or before that date. KRS 413.090: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43545 Source: KRS 413.160; KRS 413.090(2)

Maximum interest rate (usury limit)

Kentucky's legal interest rate is 8% a year. By written agreement, parties may charge more: on a written obligation of $15,000 or less, up to the lesser of 19% or 4 percentage points above the Federal Reserve discount rate on 90-day commercial paper; on a written obligation over $15,000, any agreed rate. A written contract with no stated rate earns the legal rate after default until judgment (KRS 360.010).

Source: KRS 360.010

Time limit to sue on a written contract

10 years to sue on a written contract signed after July 15, 2014. 15 years for written contracts signed on or before that date.

KRS 413.090: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43545

Source: KRS 413.160; KRS 413.090(2)

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PROMISSORY NOTE

Amount: $[principal amount] Date: [date] Place: [city, state]

For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.

Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].

Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.

If Borrower misses a payment for [number] days, Lender may [declare the full balance due].

Borrower signature: ____________________ Date: [date]

[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]

Promissory Note for other states · Kentucky tenant rights

General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.